Jay Ritter
Showing 1–2 of 2 transcripts.
- Goldman Sachs20 min
What the Surge in IPOs Means for Investors
Jay Ritter, Owen Lamont, Allison Nathan
Goldman Sachs Research reports that the U.S. IPO market reached record issuance levels in 2026 while maintaining average valuations that distinguish current activity from historical speculative bubbles. Analyst Jay Ritter and Owen Lamont offer diverging perspectives on this surge, with Ritter arguing deep capital markets can absorb new supply without overvaluation, whereas Lamont warns that a massive wave of issuance signals the early stages of a potential bubble. Both experts agree that structural shifts, including expanded private markets and industry consolidation, have permanently reduced the average annual IPO count to roughly 100, fundamentally altering the relationship between new listings and future market returns.
- Goldman Sachs29 min
The IPO SPAC-Tacle
Allison Nathan, David Ludwig, Jay Ritter, Michael Klausner
The 2020–2021 IPO market defied pandemic headwinds to reach a $300 billion global record, driven by low interest rates and a surge in Special Purpose Acquisition Company (SPAC) activity that outnumbered traditional initial public offerings. While pre-merger SPAC investors enjoyed bond-like returns, experts like Michael Klausner warn that structural dilution and redemption risks are creating unsustainable losses for post-merger shareholders. Financial institutions project a market convergence where traditional IPOs and direct listings will evolve to address these inefficiencies, potentially replacing the current blank-check model.